Reliance Retail IPO Date (Expected), Valuation and Latest News
India’s largest retailer by revenue, running grocery, electronics, fashion and pharmacy chains plus online stores. Reliance plans to list it after Jio.
Reliance has signalled the order of its listings, Jio first and retail later, but there is no filing, no banker list and no size yet.
Based on public reports as of 8 October 2026. Not investment advice.
Confirmed vs reported
What the company has said, and what only sources say
| Plan to list retail after Jio | Signalled by Reliance executives, as reported |
| Listing around 2028 | Reported by The Economic Times |
| Listing in 2027 | Earlier report, citing people familiar |
| Valuation near $200 billion | Reported, not confirmed |
| Exit for GIC, ADIA, QIA, KKR, TPG, Silver Lake | Reported possibility only |
| DRHP, size, dates | Not available |
IPO progress
Nothing has been filed with SEBI. This page will move up the tracker only when Reliance names bankers or files a draft prospectus.
After Jio Platforms, the next big Reliance listing that the market expects is Reliance Retail, the country’s largest retailer. Nothing has been filed yet, but the sequence has been clear for some time: Jio first, then retail.
That first step is now under way: Jio Platforms’ IPO is open for bids from 21 to 23 October 2026, with listing on BSE and NSE scheduled for 28 October. No Reliance Retail draft prospectus had been filed with SEBI as of 18 October 2026.
An unnamed Reliance executive told The Economic Times in December 2025 that the retail IPO would come “two years after” the Jio listing, which points to around 2028. An earlier report, in September 2025, citing people familiar with the plans, said the retail arm could follow as soon as 2027 and could be valued at close to $200 billion. Neither the timing nor the valuation has been confirmed by Reliance.
Reliance Retail IPO details: what we know so far
| Detail | Reliance Retail IPO |
|---|---|
| Company | Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries |
| Expected timing | Around 2028 (ET, Dec 2025); earlier talk of 2027 |
| Valuation talk | Close to $200 billion (Sep 2025 report) |
| Issue size and structure | Not known |
| Bankers | Not announced |
| DRHP | Not filed |
| Possible sellers | Minority investors such as GIC, ADIA, QIA, KKR, TPG and Silver Lake, according to reports |
A large group of global investors bought minority stakes in Reliance Retail in 2020 and later. An IPO would give them a route to sell part of their holdings, which is why reports suggest the issue could include a sizeable offer for sale. That is still speculation until a draft prospectus appears.
Reliance Retail IPO latest news and timeline
- 2020: Reliance Retail raises money from global funds including KKR, Silver Lake, GIC, TPG, ADIA and others.
- September 2025: Reports say Jio will list in 2026 and the retail arm in 2027, with a possible valuation near $200 billion.
- December 2025: The Economic Times reports a target of about 2028 for the retail listing, quoting an executive: “two years after that will be the IPO of the retail business.”
- June to October 2026: Jio Platforms files its DRHP and receives SEBI observations, keeping the Jio first, retail later sequence on track.
About Reliance Retail and its parent company
Reliance Retail runs one of the largest store networks in India across grocery, consumer electronics, fashion and lifestyle, pharmacy and other formats, together with online businesses. It had 19,821 stores at the end of the September 2025 quarter and plans to add about 2,000 stores a year while putting more weight on profitability. Net store additions slowed in recent years, from 2,844 in FY23 to 796 in FY24 and 504 in FY25.
The consumer brands business, Reliance Consumer Products, has been separated and now sits directly under Reliance Industries, so it may not be part of the retail listing.
Reliance Retail valuation and the numbers investors will look at
For the September 2025 quarter, Reliance Retail reported gross revenue of ₹90,018 crore and profit of ₹3,439 crore. Its non-current borrowings fell to ₹20,464 crore in FY25 from ₹53,546 crore a year earlier, mainly because of lower inter-corporate deposits from the parent.
If the $200 billion valuation talk is anywhere near right, the listing would rank among the largest in the world. Investors will compare it with listed Indian retailers such as Avenue Supermarts (DMart) and Trent on revenue growth, store productivity and margins.
What could change the plan
The timeline depends on how the Jio IPO goes and on market conditions. Reliance could also decide to merge, split or reorganise retail businesses before listing, which would change what investors actually get. Valuation talk from 2025 may look very different by the time a prospectus is filed.
Reliance Retail IPO review: what it means for investors
There is nothing to apply for yet. If you want exposure before a listing, the only listed route today is Reliance Industries itself. Be careful with unlisted share platforms quoting prices for Reliance Retail: prices there are not regulated in the same way and liquidity can be poor.
We will move this page up the tracker when Reliance names bankers or files a draft prospectus with SEBI.
Reliance Retail IPO: frequently asked questions
Reports point to about two years after the Jio listing. The Economic Times cited a target of around 2028, while an earlier report mentioned 2027. Reliance has not announced a date.
A September 2025 report said the retail arm could be valued at close to $200 billion at the time of its IPO. This is not confirmed.
Not announced as of 18 October 2026. No draft prospectus has been filed, so there is no price band, lot size or issue size yet. Reliance Retail is unlisted, so it has no exchange share price.
There is no meaningful GMP. Without a price band there is nothing for a grey market premium to be measured against, so any quote seen now is speculation. GMP is unofficial and often differs from the actual listing price.
Reliance Industries (RIL). Reliance Retail sits under Reliance Retail Ventures, which RIL controls, while minority investors such as GIC, ADIA, QIA, KKR, TPG and Silver Lake hold the rest. Jio Platforms, whose IPO opens on 21 October 2026, is the other big RIL unit heading for a listing.
We do not make buy or sell calls, and there is no prospectus to judge yet. On the strengths side, it had 19,821 stores at the end of the September 2025 quarter, gross revenue of ₹90,018 crore and profit of ₹3,439 crore that quarter, and lower borrowings. On the risks side, net store additions slowed from 2,844 in FY23 to 504 in FY25, the consumer brands business now sits outside it, and the reported $200 billion valuation is unconfirmed.
No. As of 18 October 2026, no draft prospectus has been filed with SEBI.
Reports suggest minority investors such as GIC, ADIA, QIA, KKR, TPG and Silver Lake could use the IPO to sell part of their stakes. This depends on the final structure.
It has not been announced. Group IPOs sometimes include a shareholder reservation, but this will only be known when a prospectus is filed.
Disclaimer: This article tracks reported IPO plans and is for information only. It is not investment advice. Plans, sizes and dates can change or be dropped. Wait for the RHP and official exchange notices before making any decision. Data as of 18 October 2026.
On this page
Quick facts
| Parent | Reliance Industries |
| Stores | 19,821 (Sep 2025) |
| Quarterly gross revenue | ₹90,018 cr (Sep 2025) |
| Quarterly profit | ₹3,439 cr (Sep 2025) |
| Expected listing | 2027 to 2028 |
| DRHP | Not filed |
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